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BY 



CHARLES I. BUSHNELL. 



/ 



AN 



HISTORICAL ACCOUNT 



FIRST THREE BUSINESS TOKENS 



ISSUED 



IN THE CITY OF NEW YORK. 



BY 

CHARLES IQ^BUSHNELL 



^ 



v 





NEW YORK: 
PR] V ATELY PRINTED. 

1859. 



CCPi&> ^^v/j,^^ 



J2 



^•^^tw^-^^. t ?</f>tt 






Entered according to Act of Congress in the year 1S5'.», l>y 

CHARLES I. BUSH NELL. 

In the Clerk's Office of the District Court of the United States for the Southern 
District of New York. 



J 






PREFACE. 



The following account of the first three Business 
Tokens, issued in the city of New York, has been pre- 
pared by the Author, with a view of preserving their 
history from extinction. 

An Appendix, showing the prices which they have 
realized, at various times, at public auction, has been 
added, with the hope of increasing its interest and 
value to the Numismatic student. 

Only a very small edition has been printed, being 
intended merely for private circulation among the friends 
of the Author.* 

New York, July 1st, 1859. 

* By particular request, a limited edition has since been printed for sale. 



TO 

ARTHUR G. COFFIN, ESQ., 

OF PHILADELPHIA. 

8M0 Hitik Smt %% §uMvlht&, 



A SLIGHT EXPRESSION 



THE RESPECT AND ESTEEM 



THE AUTHOR. 



EARLY NEW YORK TOKENS. 



As there are many persons in this city, and, in fact, 
of this country, who take a deep interest in Numismatic 
matters, it is hoped that the following account of the 
first three Business Tokens issued in the city of New 
York will not only be acceptable but pleasing. 

Every store-keeper, and, in fact, every person in this 
metropolis who is at all in the habit of handling money, 
has often met with some old and curious coppers, not 
unfrequently somewhat obliterated, and which, from an 
ignorance of their history and a non-conception of their 
value, have been thrown aside as worthless. The various 
foundries, here and elsewhere, annually melt up enough 
valuable copper coins, both ancient and modern, to fill 
and grace the velvet-lined trays of a dozen large cabi- 
nets ; while many a desirable gem lies hid for months — 
perhaps for years — in a dark corner of some junk-shop, 
among a lot of rusty nails and a miscellaneous gathering 
of brass and copper, accumulating as rapidly with filth 
and verdigris as it increases in rarity and value, doomed 
never to meet the cheering eye of a virtuoso — to receive 
in its old age his welcome hand, his fond embrace, his 
fostering care. 

The desire for the collection of these pieces, and the 



g EAELY NEW YORK TOKEN'S. 

elucidation of their history, is now daily increasing ; 
and it is the duty of every one into whose hands they 
may come, to preserve them with care, and if they have 
no fancy for such relics themselves, to place them in the 
hands of those who, from their historical taste and anti- 
quarian zeal, may be most likely to appreciate them, and 
turn them to public account. 

Among the various coppers which are occasionally 
met with in circulation are the Jewelers' token of 
Messrs. Motts, and the tokens of Messrs. Talbot, Allum 
& Lee. Being merely of a private character, these 
pieces would be very apt to be looked upon as of no 
account ; yet they are exceedingly interesting relics, 
and particularly so to a New Yorker r not only from 
their age, their rarity, and their beauty of execution, 
but from the fact that they are the first of the many 
business tokens that have, from time to time, been put 
forth by the enterprising merchants of this metropolis. 

The first of these was issued as early as the year 
H89, and is thus described: 

Obverse — A Regulator, supported by two columns, and 

surmounted by a small eagle. 
Legend — " Motts, A. Y. Importers, Dealers, Manufacturers 

of Gold § Silver Wares." 
Reverse — An Eagle, with expanded wings, facing to the 

left, holding an olive branch in one talon, and three 

barbed arrows in the other. Upon his breast, the 

shield of the United States, and above the eagle, the 

date 1 ' 1789." 
Legend— " Watches, Jewelry. Silver War; Chronometers 

Clocks." 

Upon one of the top corners of the regulator is seen 









EARLY NEW YORK TOKENS. 9 

what appears to be a hand. This is, however, a blur, 
caused by the breaking of the die. On some specimens 
this blur is greater than upon others, while some do 
not show the defect at all. 

The firm of Motts was composed of William and 
John Mott, and their place of business was at No. 240 
Water street — a location at which they continued for a 
number of years, and which was at the time a most 
fashionable business part of the city. Some of the 
immediate descendants of the firm were engaged in the 
same pursuit until within a few years past. 

The firm of Motts was well known in its day and 
generation. Their store was the resort of the rich and 
the great, and of the gay belles and beaux of the time. 
The learned judge who wished a pair of spectacles to 
aid his failing sight, the lovely maid who craved a 
splendid ring to deck her tapering hand, their wants 
supplied with hearts' content from Motts' extensive 
stock. More than one venerable dame now living can 
yet produce, in the shape of a watch of somewhat an- 
tique style, but still faithful to its early mission, her 
bridal gift, purchased in her days of youth and beauty 
from their well furnished establishment. Many a venera- 
ble time-piece, solid and substantial as the maker, and 
bearing upon the face the name of " Motts," has out- 
lived a host of modern abortions, and still graces the 
dining rooms of some of our oldest and most respect- 
able, though not, perhaps, our most fashionable citizens, 
and still chronicles the days of man, and re-echoes still, 
the steps of passing time. 

The tokens of Messrs. Talbot, Allum & Lee were 
issued in the vears 1194 and 1195. 



10 EARLY NEW YORK TOKENS. 

The former bears upon the 

Obverse — A Ship under sail. 

Legend — " Talbot, Allum fy Lee, New York — One Cent.'' 1 

Reverse — A full length figure of Liberty, holding in one 
hand a staff, surmounted by the cap of Liberty, and her 
other hand supporting a rudder. At her side a bale of 
goods. 

Legend — " Liberty fy Commerce." 

Exergue — " 1794." 

Edge — " Payable at the store of." 

The variety of 1195, though bearing the same devices 
as the one of 1194, is somewhat different in its obverse 
legend, and in the inscription upon the edge. 
It bears upon the 
Obverse — A Ship under sail. 

Legend — " At the store of Talbot, Allum fy Lee, New York" 
Reverse — Same as the variety of 1194. 
Exergue — " 1795." 
Edge — " We promise to pay the bearer — One Cent." 

These three tokens are of copper, and are of the size 
of an English half-penny. They are well executed, and 
will, in the accompanying cuts, be readily recognized 
by some of our most aged residents as old familiar 
acquaintances of their boyhood. 

The dies of the two latter tokens were cut at Bir- 
mingham, in England, and the variety bearing the date 
of 1195 is by far the rarest, fewer of that die having 
been struck. 

These three tokens circulated to a considerable extent 
at the time, and though they are occasionally met with 



EARLY NEW YORK TOKENS. 11 

at the present day, yet in fine condition, they are all 
very rare, and command high prices. Motts* token has 
brought, at a recent sale by auction, the sum of $1 62-^, 
while the Talbot, Allum & Lee of 1*194 realized the sum 
of $1 50, and the one of 1*195 the sum of $2 25. These 
specimens were, however, in the very finest state of 
preservation. 

The names of the individuals composing the firm of 
Talbot, Allum & Lee were William Talbot, William 
Allum and James Lee, and their place of business was 
at No. 241 Pearl street. They were extensively en- 
gaged in the India trade — at that time, as well as now, 
a very lucrative branch of mercantile pursuit. The 
house was of the first standing, and all the members 
wealthy. A son of one of the members, and bearing 
the same name, is now an active and influential mer- 
chant in this city, highly respected and esteemed for his 
many excellencies of mind and heart, and whose name 
may often be seen in connection with movements of 
charity and benevolence, as well as those of municipal 
and public benefaction. 

The firm of Talbot, Allum & Lee was formed in 1794, 
and continued until the year 1*196, when Mr. Lee retired 
from the concern. The remaining partners carried on 
the business, under the name of Talbot & Allum, until 
the year 1*198, when the firm was dissolved. 

In addition to the pieces which we have now de- 
scribed, it is here proper to take notice of a number of 
varieties, some of which, on account of their rarity, are 
seldom seen even in the cabinets of the most exten- 
sive collectors. These varieties are technically termed 
"mules," from the fact that they were struck from dies 



12 EARLY NEW YORK TOKENS. 

which are foreign to each other, and which were not 
intended to come together. These varieties are of two 
series — those of 1194 and those of the date of 1 795. 

The former bear the reverse of the Talbot, Allum & Lee 
token of 1794, and of this type there are four kinds, viz : 

1. 

Obverse — A profile Head of Howard, facing to the left. 
Legend — " John Howard, F. R. S., Philanthropist." 
Edge — " Payable in London." 

2. 

Obverse — A Bust of Howe, facing to the left. A military 

cap upon his head. 
Legend — " Earl Howe, fy the glorious first of June." 
Edge — "Payable in London," 

3. 

Obverse — A Boy, standing by a screw. A wrench in his 

hand. 
Legend — " Birmingham Half-Penny, 1793." 
Edge — " Payable in London." 

4. 

Obverse — A Stork. 

Legend — " Promissory Half-penny, 1793." 

Edge — " Payable in London." 

Another specimen of this last bears upon the edge 
the inscription, "Payable at the ware-house, IAveiyool" 

The second series of these " mules" bear the reverse 
of the Talbot, Allum & Lee token of 1795, and of this 
variety there are two kinds, viz : 



EARLY NEW YORK TOKENS. 13 

1. 

Obverse — Various Implements of War and InstrumenJ 

of Music. 
Legend—" Blofield cavalry." On a label, " Fifth Troop.'' 
Edge — Engrailed. 

2. 

Obverse — A West view of York Cathedral in England. 
Exergue — " York, 1795." 
Edge — Plain. 

These mules were struck for exclusive circulation in 
England, and were issued at a time when the rage for 
provincial half pence extended to a degree almost in- 
credible, and threatening even to supersede the national 
currency. Patronized by the nobility and encouraged 
by the wealthy, die sinkers vied with each other in the 
number they produced. Obverses and Reverses, bear- 
ing no relation to each other, were used for the produc- 
tion of illegitimate varieties, whose only value was 
their novelty, while impressions even from unfinished 
dies were bought at extravagant sums, merely for the 
selfish gratification of having what others had not. 
Varieties of collar were made to produce varieties of 
edge ; old hubs were ferreted out to multiply speci- 
mens supposed to be unique, while worn out and dis- 
carded dies were lapped, and impressions therefrom 
palmed off on inexperienced but enthusiastic young 
collectors as proofs. Tokens ridiculing even the col- 
lectors themselves were put forth and eagerly bought 
up as soon as issued by a throng of voracious antiqua- 
rians. Of these caustic emissions, the most celebrated 



14 EARLY NEW YORK TOKENS. 

was the collectors' half-penny token, by Westwood, of 
two varieties of reverse. One of them, bearing a repre- 
sentation of a race between two persons mounted on 
asses, ridiculed the reckless passion for collecting, in 
the legend " Asses running for Half Pence," while the 
other, being intended as a sarcasm upon the encourage- 
ment shown to the production of ridiculous combina- 
tions, bore the representation of an Ass and a Mule in 
private consultation, with the legend emanating from 
the mouth of the former, " Be assured, friend Mule, 
you never shall icant my protection. 11 

So great was the demand for copper tokens that no 
less than 600 tons weight were coined in Birmingham 
alone from the year 1181 to the year IT 91. The profit 
to the publisher on one ton alone, as shown by an esti- 
mate furnished by a manufacturer, was no less a sum 
than £64 13 4. It is not surprising, therefore, that the 
sale of these pieces was a source of great profit to 
dealers, and that many of them soon retired with means 
not only adequate for their support during life, but 
also amply sufficient for the enjoyment of every luxury 
which they might or could desire. 

This mania in England for tokens, which commenced 
in 1187 and continued until the year 1191, received in 
that year an effectual check in the issue by government 
of 500 tons of copper coined into pennies of an ounce 
weight each, pursuant to a contract made with the in- 
genious Mr. Boulton, of Soho. 

Though a large number of mercantile tokens have, 
from time to time, been circulated in our city, yet we 
have selected the ones described as being of the earliest 
issue, and hence of more interest to the general reader. 



EARLY NEW YORK TOKENS. 15 

The taste for coins, medals and tokens, as well as for 
all other relics relative to American History, has, for the 
last few years, been gradually increasing. Public insti- 
tutions have commenced collecting them with great 
care, while the number of private cabinets have become 
considerably augmented. 

These movements will be attended with beneficial 
results, and will be the means of preserving from ex- 
tinction many of these interesting and valuable memo- 
rials of the past, for the benefit and gratification of 
countless generations that are yet to come. 




EARLY NEW YORK TOKENS. 



11 



AN APPENDIX 



SHOWING THE PRICES WHICH THE TOKENS DESCRIBED IN THIS WORK HAVE 
REALIZED, AT VARIOUS TIMES, AT PUBLIC AUCTION, IN THIS CITY. 



1S55 
1855 
1856 
1858 
1858 
185S 
185S 
1859 
1859 
1859 
1859 
1859 
1859 
1859 
1859 
1859 
1859 
1859 
1S59 
1859 
1859 
1859 
1859 
1859 
L859 



Proprietors. 


Description of Pieces. 


Purchaser 


Price-* 


P. FLAXDLV, 


Talbot, Allum & Lee, 1794, proof, 


Walker, . . 


$1 00 


" 


Talbot, Allum & Lee, 1795, proof, 


" 


1 00 


W. J. Howard,.. 


Motts' Jewellers' Token, 1789, poor, 


Wilson,... 


30 


F. H. Norton,... 


Motts' Jewellers' Token, 1789, fine, 


Curtis, . . . 


1 37* 


" 


Talbot, Allum & Lee, 1794, poor, 


Bramhall. 


37} 


" 


Talbot, Allum & Lee, 1794, very fine, 


Dana,...*. 


75 


" 


Talbot. Allum & Lee, 1795, proof, 


" .... 


1 50 


H. BOGERT, 


Motts' Jewellers' Token, 1789, very fine,. 


Curtis, . . . 


1 62} 


« 


Talbot, Allum & Lee, 1794, very fine, .... 


Sage, 


1 50 


" 


Talbot, Allum & Lee, 1794, poor, 


Melijs, . . . 


50 


" 


Talbot, Allum & Lee, 1795, very fine, 


Thompson, 


2 00 


W. L. Bramhall, 


Motts' Jewellers' Token, 1789, fine. 


" 


1 00 


it 


Talbot, Allum & Lee, 1794, fine 


Sage, 

Curtis, . . . 


1 25 


Talbot, Allum & Lee, 1794, fair, 


30 


J. D. FOSKETT, . . . 


Motts' Jewellers' T6ken, 1789, fair, 


" ... 


75 


u 


Talbot, Allum & Lee, 1794, poor, ... 


Cash, 


50 


cc 


Talbot, Allum & Lee 1794, pierced, 


Davis, 


515 


J. K. Curtis, 


Motts' Jewellers' Token, 1789, very fine,. 


Balch, 


1 50 


" 


Talbot, Allum & Lee, 1794, very fine, 


Hughes, .. 


1 12} 




Talbot, Allum & Lee, 1794, fine, 


Balch, 

Townsend, 
Cash, 


94 


Talbot, Allum & Lee, 1794. fair, 


87} 


Talbot, Allum & Lee, 1794, very poor, 


10 


" 


Talbot, Allum & Lee, 1794, very poor, 


Chesley, . . 


10 


" 


Talbot, Allum & Lee, 1795, proof, 


" ... 


2 25 


" . — 


Talbot, Allum & Lee, 1795, proof, 


" 


2 25 



F . B. SMITH & HARTMANN, 

DIE SINKERS, SEAL AND MEDAL ENGRAVERS AND 
LETTER CUTTERS, 

No. 122 FULTON STREET, 

NEW YORK. 

Medals struck in Gold, Silver, Bronze, and Composition. 



FRANCIS N. MITCHELL, 

STONE, SEAL & MEDAL ENGRAVER, DIE SINKER, &c 

No. 5 TREMONT STREET, 

BOSTON. 



GEORGE H. LOVETT, 

DIE SINKER, SEAL AND MEDAL ENGRAVER, 

131 FULTON STREET, 

NEW YORK. 



ROBERT LOYETT Jr., 
DIE SINKER, SEAL AND MEDAL ENGRAVER, 

28 SOUTH FIFTH STREET, 

PHILADELPHIA. 






18 Jkfirl .1860 

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